Ah, but what's this? According to a recent auction on eBay hosted by seller hotjdragon, who, mind you, has a satisfaction rating of 99.9%, this square little device is indeed real and is indeed selling for the off contract price of $388.88. Of course, it's always possible that AT&T will jack up this price in order to lock customers into a two-year service agreement, but, at least for now, here is what $388.88 gets you:

a "brand-new, unused, unopened, undamaged item [Motorola Flipout] in its original packaging" along with a GSM radio designed for AT&T, although, of course, it is sold off contract

specs like :

a 700MHz OMAP3410 processor

a 2.8-inch QVGA (320x240) display, similar to that of the Charm

a 3MP camera

256MB RAM, 512MB ROM

WiFi 802.11 b/g

Bluetooth 2.1 with EDR

a 1170 mAh battery

a 2MB MicroSD card out of the box that can be swapped up to any other capacity microSD up to 32GB

a swiveling form factor

assisted GPS and eCompass for location services

a 3.5mm headset jack

MotoBlur on top of Android 2.1 Eclair

packaging that looks something like this:

and a device that looks something like this:

If you want one, you better hurry, though, as there appears to be only a few left!